The majority of AI models are taught via supervised learning, which requires humans to categorize raw data. Data labeling is an important aspect of automating artificial intelligence and machine learning models, but it is also time-consuming and unpleasant. AIMMO, a Korean firm that labels and categorizes image, video, sound, text, and sensor fusion data with software and people, has developed an AI data annotation platform to make data labeling faster for businesses.
AIMMO announced today that it has secured $12 million in a Series A round of funding to help it enhance its data labeling technology and expand globally. DS Asset Management, Industrial Bank of Korea, Hanwha Investment & Securities, S&S Investment, Toss Investment, Korea Asset Investment & Securities, and Venture Field were among the seven venture capital companies that participated in the newest round. AIMMO did not respond to a request for comment on its value.
“The pandemic has expedited the transformation of contactless technology with AI deployment for intelligence surveillance, smart city, autonomous driving, smart manufacturing, and robotics,” said Doyle Chung, AIMMO’s head of global sales, in an email interview. “Among all the directions and sectors, smart cities and autonomous driving are [mostly] our emphasis.”
SeungTaek, the chief executive officer, founded the company in 2016. Oh, and the company offers three data annotation tools: AIMMO DaaS, which handles sensor fusion data for autonomous car companies; AIMMO GtaaS, a turnkey-based big data platform; and AIMMO Enterprises, which launched in 2020 and is a web-based SaaS annotation labeling tool leveraging cloud architecture.
The company claims that its solutions reduce the inefficiencies of the data annotation process, allowing clients to concentrate only on their AI models. AIMMO Enterprises does not require a platform charge, coding knowledge, or installation, and customers may label their data using browsers like Chrome. According to Chung, users provide raw data to AIMMO, which labels the data with inspection and returns it to the clients.
Sales and volume of data labeling through the AIMMO DaaS platform surged by 200 percent in 2021 compared to the previous year. According to their IR pitch deck, AIMMO made $10 million in sales in 2021. The business anticipates growth in 2022, as worldwide demand for autonomous driving continues to rise. According to Grand View Research’s market study report, the worldwide data collecting and labeling market was valued at $1.6 billion in 2021 and is expected to reach $8.2 billion in 2028.
AIMMO collaborates with a variety of firms, including Hyundai Motor, Hyundai Mobis, Kakao Mobility, SoCal, and ThoreDrive, an autonomous freight developer. AIMMO also collaborates with non-autonomous vehicle firms in robotics, optical character recognition (OCR), smart factory, intelligent surveillance, e-commerce, and logistics, such as SK Telecom, internet giants Naver and Kakao, and Japanese Komatsu. The Korea-based firm has offices in the United Kingdom, the United States, Japan, and Vietnam. In 2022, it also aims to create operations in Germany and Canada, according to Chung. When AIMMO moves to the worldwide market, it will compete with firms like Scale AI, Playment, Understand.ai, and Deepen AI. The company now employs 200 people worldwide and has over 10,000 data labelers.